Royal London seeks customer applications for its independent governance committee

04 May 2016

Royal London has written to over 800,000 of its members to invite them to apply to become a member of Royal London’s Independent Governance Committee (‘IGC’). This committee’s role is to assess the ongoing value for money offered by Royal London’s workplace pensions. In line with current regulations, the committee already has a majority of independent members but the IGC and Royal London agree that the work of the committee would be further strengthened by an additional committee member, and are particularly interested in applications from customers to provide wider customer insight. It is understood that Royal London IGC will be the first business to seek applications from its customers.

The mailing to members says:

“We are looking to appoint an additional committee member to our Independent Governance Committee and would like to hear from any Royal London customers that might be interested in applying for the role. As a business owned by our members, and with the views of customers a key part of this Committee’s responsibilities, we are particularly keen to hear from any workplace pension customers, as well as those with other relevant experience for the role”.

The Independent Chair of the Royal London IGC, Phil Green, said:

“I believe that the IGC has achieved a lot in its first year, working with the business to ensure Royal London continues to offer value for money to existing and future workplace pension customers. We now want to build on this work and in particular to strengthen further the Voice of the Customer in the IGC’s work. One such initiative is to seek to appoint an additional member to the IGC who is able to strengthen this particular perspective”.

Director of Policy at Royal London, Steve Webb said:

“The IGC has already brought a fresh pair of eyes to the work of Royal London. As a Mutual we are owned by our members and their perspective is vital to all that we do. We are delighted to support the IGC in its plan to expand its membership and we would encourage our members to consider applying to take on this role”.

Royal London is the largest mutual life, pensions and investment company in the UK, with Group funds under management of £84.5 billion. Group businesses provide around 9.1 million policies and employ 2,988 people. (Figures quoted are as at 31 December 2015).

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.